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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Russia May Cut Gasoline Exports
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Key Points:
- Natural gas lost momentum and pulled back towards multi-month lows as traders focused on the EIA report.
- WTI oil gained some ground as traders reacted to Russia's plans to ban gasoline exports.
- Brent oil settled near the $69.00 level.
Natural Gas
Natural gas pulled back from session highs as traders reacted to the EIA report, which showed that working gas in storage increased by +23 Bcf from the previous week.
If natural gas declines below the support level at $3.00 – $3.05, it will head towards the next support at $2.70 – $2.75.
WTI Oil
WTI oil gains ground amid reports indicating that Russia would soon ban gasoline exports. Russian gasoline prices have been rising in recent weeks, and the country plans to ban exports to fight inflation.
From the technical point of view, WTI oil needs to settle above the resistance at $66.00 – $66.50 level to gain additional upside momentum in the near term.
Brent Oil
Brent oil gained some ground as traders reacted to ECB decision to leave the interest rate at 2.15%.
The technical picture remains unchanged as Brent oil is stuck in the $68.00 – $68.50 range.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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